Free Life Accident and Health Insurance Basics Practice Questions
Vermont Life, Accident & Health exam (series 14-29) — 113 practice questions.
Subtopics: Irrevocable beneficiary, Per stirpes, Insurable interest example, Buy-sell funding, Key person, Medical Information Bureau, Minors, Creditor protection, Unfair discrimination, Rebating, Controlled business, Buyer's guide and policy summary, Sales presentations, Guaranty association, Blanket insurance, Outline of coverage, Insurable interest, Personal uses, Determining amount, Business uses, Viatical settlements, Classes of policies, Premium factors, Premium frequency, Producer responsibilities, Policy delivery, Company underwriting, Classification of risks, Legal concepts, Definitions of perils, Types of losses and benefits, Limited health policies, Replacing health insurance, Premium determination, Conditional receipt, Binding receipt, Insuring clause, Consideration clause, Free-look provision, Policy ownership, Third-party ownership, Mortality table, Level premium concept, Net amount at risk, Policy reserves, Living benefits of cash value, Attending physician statement, Inspection report, Declined risk, Flat extra premium, Replacement, Buyer's Guide, Controlling adverse selection, Premature death, Final expense insurance, Estate liquidity, Charitable uses, Survivorship policy, Juvenile insurance, Life settlement, Creditor insurable interest, Human life value, Application signatures, Third-party consent, Application changes, Incomplete application, Premium receipt, Risk classification, Substandard rating, Underwriting sources, Accelerated underwriting, Genetic information, STOLI, Needs analysis, Social Security, A&H types of losses, AD&D, Limited policies, Workers compensation, Subrogation, Health underwriting, Dependent coverage, Newborn coverage
Read the Life Accident and Health Insurance Basics study guide
Sample questions & answers
1. A policyowner who names an irrevocable beneficiary generally:
Needs that beneficiary's consent to make certain changes
An irrevocable beneficiary's rights are vested, so the owner needs the beneficiary's consent to change the designation or take certain actions.
2. Under a per stirpes beneficiary designation, if a beneficiary dies before the insured, that beneficiary's share generally passes to:
That beneficiary's descendants
Per stirpes passes a deceased beneficiary's share down to their descendants rather than to the surviving named beneficiaries.
3. Which person clearly has the insurable interest needed to buy life insurance on another?
A spouse insuring the other spouse
Close family members, such as spouses, and business partners or creditors typically have insurable interest in another's life.
4. Life insurance used to fund a business buy-sell agreement is intended to:
Provide money to buy a deceased owner's share of the business
Life insurance funds a buy-sell agreement by providing cash to purchase a deceased owner's interest from the estate.
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Practice: Life Accident and Health Insurance Basics
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
